BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, is proud to announce that its Deputy Chief Executive (DCE), Yousif AlNefaie, participated as a distinguished judge in the Saudi Arabia, Bahrain and Oman edition of Visa Everywhere Initiative (VEI) 2024, held in Riyadh.
VEI is a prestigious global innovation program that aims to discover and support groundbreaking solutions that transform payment and commerce experiences. Since launching in 2015, the program has helped more than 15,000 startups from over 100 countries collectively secure more than $48 billion in funding
This year, the third Saudi Arabia, Bahrain and Oman edition of VEI continues its mission by seeking innovative solutions that can redefine the future of commerce in the region.
Yousif AlNefaie expressed his enthusiasm for the event, stating, “It is an honor to be part of such a transformative initiative that empowers startups to push the boundaries of innovation in the financial sector. The creativity and passion demonstrated by these entrepreneurs are truly inspiring, and I am truly excited to see how their solutions will shape the future.”
First place and prize money of BHD15,000 ($40,000) for Bahrain went to Cnpsecure, a turnkey solutions provider for issuers to adopt dynamic CVV and virtual cards. The fintech company will also participate in the CEMEA regional finals for VEI, which will take place on July 23, competing for a total of BHD7,500 ($20,000). Also honored, MoneyLoop, a digital rotating savings and credit association that employs KYC to ensure low risk to users, was awarded the winner for Saudi Arabia with prize money of BHD15,000 ($40,000) and HAL Capital, a Sharia-compliant embedded direct financing FinTech platform for underbanked Micro, Small & Medium Enterprises (MSMEs) and individuals, was the Oman winner, receiving a total of BHD15,000 ($40,000).
This third edition of VEI brought back the Impact Prize to the competitor whose solution has a positive social impact on the communities it operates in. Examples include initiatives that boost financial inclusion, promote sustainability, or safeguard the environment. Bahrain-based Ryalize, a liquidity solution provider that provides easy access to financial products to individuals with predictable income won the Impact Prize for this Saudi Arabia, Bahrain and Oman edition of VEI, receiving BD3,700 ($10,000) in prize money.
Yousif AlNefaie’s participation as a judge in this year’s VEI initiative underscores BENEFIT’s commitment to fostering innovation and supporting the startup ecosystem across the region. By engaging in such pivotal events, BENEFIT continues to play a key role in driving forward the fintech landscape and contributing to the development of cutting-edge solutions in the region.
